2023-02-22 CC Packet - REVISED - Laserfiche WebLink

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eligibility and enrollment PHYSICIANS Eligible physicians must be an employee of a governmental agency (not an independent contractor providing services to the facility). Physicians may choose between DCP and the General Plan. DC GEN E Rq� --------------------------- PL AN PL AN CITY MANAGERS Upon employment, city managers and administrators who earn at least $5,100 per year are automatically enrolled as Coordinated members of the General Plan. However, city managers can choose to withdraw from the General Plan, and Enroll in DCP, or Do not enroll in any PERA plan. The election to withdraw from the General Plan must be made within the first six months of employment. City managers who opted out of enrolling in MONTHS any PERA plan may later enroll in DCP. HOW TO ENROLL The member and employer must complete the Election for Exclusion in the Coordinated Plan by a City Manager/Admin- istrator form to switch from General Plan enrollment to DCP enrollment, or to elect to not enroll in any PERA Under Minnesota law, physicians who earn at least $5,100 per year must have salary deductions for Coordinated cov- erage in the General Plan, unless the person elects to par- ticipate in DCP within 90 days of the start of employment. •------------------------------------------------ For physicians, an election to participate in the DCP is irrevocable. ------------------------------------------------ HOW TO ENROLL To enroll, the member and employer must complete the Membership Election by a Governmental Physician form. membership. The City k—N, will stop withholding General Plan deduc- tions from your earn- ings beginning the paid date following the date PERA receives this form, unless you request a later effective date (that is within your first six months of employment). City managers who had previously elected to not partic- ipate in PERNs General Plan have the option to reverse that decision and become members of the General Plan prospectively by completing the Election for Inclusion in the Coordinated Plan by a City Manager/Administrator. Additionally, PERA requires a City Council resolution approving the exclusion revocation. •---------------------------------------------- Once a city manager reverses the original decision to be excluded from the General Plan, the decision to contribute to the General Plan - remains irrevocable until termination of service. -------------------------------------------------------- e-------------------------------------------------------------------------------------------------------- PERAs General Plan is a defined benefit plan where you and your employer contribute a percentage of your gross salary to PERA. New members are enrolled in Coordinated membership. Instead of providing a lump -sum benefit like the DCP, the General Plan is designed to provide you with a lifetime benefit based on a formula using your age at retirement, service, and salary. ----------------------------------------------------------------------------------------------------